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《大行報告》野村下調金科服務(09666.HK)目標價至44.2元 評級「買入」
野村發表評級報告,指金科服務(09666.HK)母企金科股份(000656.SZ)財政狀況進一步惡化,據報金科股份境內債兌付潛在展期,及金科正與重慶市政府討論潛在注資,以紓緩流動性壓力,該行料是個長期過程。 考慮來自母企金科股份支持力度減弱,及內地房市持續惡化,該行將金科服務今明兩財年盈利下調11%及18%。報告另引述金科服務管理層指,維持今年擴張目標,仍預料會增加1億平方米的管轄總樓面面積,當中包括分別來自母公司的1,000萬平方米、來自第三方招標的5,000萬平方米及來自收購的4,000萬平方米。 野村稱,由於基於公司就達成年度擴張目標不穩定因素增加,該行下調對金科服務估值基礎,將公司物業管理服務目標市盈率由原先的25倍下調至20倍;相應將金科服務目標價由53.6元下降18%至44.2元,維持「買入」評級。
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